Dan Morrill works in Interactive Media and Cloud delivery systems for Comics Forge as the COO. He has been blogging since 2003 covering different emerging technologies, management and information security. Dan works as a founding member of a number of startups, including Startup Academy International and Dead Tree Comics. His interests are in intellectual property protection, piracy, and information security as it applies to cloud computing. He also has a deep interest in media, mobile computing, and education.. His personal blog is here,  his other pro-blog is here .

4 responses to “My first experience with Square Credit Card Processing”

  1. Walter Whitley

    It is important to remember that Square is offering 2.75% and 3.5%.
    With Square you are not getting an actual merchant account. They are a payment aggregator, much like PayPal. So if a Square customer has over $1000.00 in sales in a week, Square will hold any money over $1000.00 and not deposit it into their customers bank account for 30 days. So someone could have $3000.00 in sales but they won’t be able to get the $2000.00 for 30 days. Since the Square customer does not have an actual merchant account, Square does not have to follow banking rules and can hold money however they wish, usually 30 days, but sometimes longer. We don’t do this we deposit all money from our customers sales within 2 business days. I am offering a discount rate of 1.74% for swiped transactions and 2.29% for key entered transaction. Here is your page: https://merchant-apply.com/cpciphone.

  2. dan

    Unfortunately your product points to an Iphone App, and I seriously do not want an Iphone no matter how magical, we made a huge investment in android, for good or bad, that is where I am at. And yes you are correct on the 30 day hold – for those who are interested that points to https://help.squareup.com/customer/portal/articles/11863 there.

    As a smaller merchant you kinda have to take what you get, square is right to be careful with transactions and the rest given the dust up from VeriFone yesterday.

    I am ok with the hold, keeps things on an even keel.

  3. Marie

    Did you ever think of a portable power generator. Sears sells them for less than $120.00. Works great with my Nuritt 8000, which is not rented but I paid for and get updates annually. I like advancement but there is always a cheap start up cost then it goes up. I like having my $$$ 2 days after and not have to wait 30 days when I have high sales. So does square make interest on the $$ that they hold back?

  4. dan

    Marie, they probably do, but then why do banks put a 7 day hold on funds, why does paypal when you get started put a hold on funds, why do all these things happen? Really they probably do make interest, but far as banks go, at least square is honest about it, I have had no surprises with them, that counts for a lot in my mind.